UNDERSTAND BITCOIN AND BLOCKCHAIN (PART 4 OF A 4 PART SERIES)

In my previous article I went over how to purchase Bitcoin and other cryptocurrencies from Coinbase. Unless you are going to send your crypto from Coinbase to an exchange or have some other near term destination in mind it’s best to go ahead and move your holdings to a wallet.

A wallet is software that gives you access and control over cryptocurrency you own. The first thing to to understand about wallets is that your coins are not actually stored in the wallet itself. Your wallet simply gives you access to the stored crypto credits you have on the blockchain via a private and public key.

The public and private keys work together when you want to transfer your crypto to some other destination whether it be another person’s wallet, an exchange, a merchant, etc.

There are 5 types of wallets currently. Desktop, online, smartphone, hardware and paper.

Desktop wallets are downloaded and installed on your computer. When using a desktop wallet you want to be sure you have antivirus and anti malware software installed and a good firewall in place.

Last of all, paper wallets consist of simply printing off your public and private keys onto paper. To transact you will have to use a software wallet of some kind.

As I mentioned earlier https://myetherwallet.com is the preferred wallet for purchasing cryptocurrency from token sales or ICOs. I’d like to take this opportunity to invite you to learn more about my blockchain accelerator and crowdfunding platform, DealBox. Our token sale is currently in progress and by purchasing before January 19th you will get a discount on the DLBX token which acts as a voucher for acquiring presale tokens of rigorously vetted blockchain ventures.

DealBox is the culmination of close to a decade of venture capital funding experience. Our goal with DealBox is to provide blockchain enthusiasts a democratic platform where it’s easy to get in on the next killer blockchain project using our DLBX token without all the risk commonly associated with ICOs.

To learn more and to register for the token sale please visit www.dlbx.io or feel free to message me here on LinkedIn.

I hope you have enjoyed this 4-part series. Stay tuned for more updates.

ABOUT MCE

When individuals are genuinely empowered, when they regain their security, privacy and sovereignty in the digital world, when they take their power back from centralized power structures, real wealth creation from an entirely new kind of online marketplace will emerge. This is what we believe and what we’re pioneering.